Qualcomm, the chip maker has announced the Q1 fiscal 2017 results and it also estimates to witness a drop in the Q2 results.

Qualcomm has released its Q1 fiscal 2017 financial results and earnings with $1.06 per share and $6 billion revenue. As pf now, Qualcomm is in the third position on Zacks Rank and has witnessed a drop of 1.74% to $55.91 per share in trading soon after the release of the earnings report.

The chip maker posted an earnings of $10.6 cents per share that is similar to the Zacks Consensus Estimate. This is excluding the 51 cents from the non-recurring items. The company witnessed revenue figures of $6 billion that misses the Zacks Consensus Estimate, which is $6.106 billion, but there has been a year-over-year gain of 4%.

The company also reported that MSM (mobile station modem) chip shipments that include the Snapdragon LTE modem totaled to 217 million. The sales totaled to $62.9 million that is considerably lower than the $68.6 million that was forecasted by the analysis.

In the Q2 fiscal 2017, Qualcomm expects to witness a fall in the revenues in the range of $5.5 billion and $6.3 billion. This represents a drop of 1% to an increase of 13%. It also expects the non-GAAP diluted EPS to fall in the range of $1.15 and $1.25, which is an increase of 11% to 20%.

Steve Mollenkopf, the CEO of Qualcomm Incorporated stated, "Looking ahead, the pending NXP acquisition accelerates our strategic transformation in the high growth areas of automotive, IoT, security and networking. We are very well positioned to lead as the semiconductor engine for the intelligent, connected world."

As we know, Apple filed a lawsuit recently on Qualcomm regarding the payment of $1 billion that it was charged, Mollenkopf said that the company will defend its business vigorously and handle the legal troubles that the company is facing currently.